Mastercard, JPMorgan in FTC Study on ‘Surveillance Pricing’ (2)

US regulators are examining how companies including Mastercard Inc., JPMorgan Chase & Co. and a unit of Goldman Sachs Group Inc. provide clients with algorithms that use consumers’ personal data to tailor product pricing to individuals — what the agency termed “surveillance pricing.”

The US Federal Trade Commission said Monday it sent subpoenas to eight firms seeking information about what pricing products they offer, the data they collect and how it’s used to target which consumers receive offers.

The companies that are the focus of the inquiry are: Mastercard; JPMorgan; Goldman Sachs Merchant Banking Division’s Revionics; Task Group Holdings Ltd.; PROS Holdings Inc.; Bloomreach Inc.; Accenture Plc; and McKinsey & Co.

While some of the companies aren’t well-known, many of their clients are household brands. Task Software is used by such clients as Starbucks Corp. and McDonald’s Corp., while PROS clients include Deutsche Lufthansa AG and Nestle SA. Revionics says it works mainly with retailers such as Home Depot Inc., and Bloomreach with home and apparel retailers including Kirkland’s Inc.

Mastercard said it had received the FTC’s request and would cooperate with the inquiry.

In a statement, Revionics said its software doesn’t recommend pricing targeted to specific individuals but uses historical sales data to help optimize prices, often resulting in decreases. The company said it was confident that the FTC study would affirm the benefits of its price optimization tool.

Bloomreach said it “welcomed” the FTC inquiry as an opportunity for education and to provide a “better, more personalized experience” for consumers.

JPMorgan didn’t have an immediate comment. Task, PROS, Accenture and McKinsey didn’t respond to requests for comment.

“Americans deserve to know whether businesses are using detailed consumer data to deploy surveillance pricing, and the FTC’s inquiry will shed light on this shadowy ecosystem of pricing middlemen,” FTC Chair Lina Khan said in a statement.

The antitrust and consumer protection agency is conducting the inquiry under its so-called 6(b) authority that allows it to issue subpoenas to conduct market studies. The agency generally issues a report on its findings after analyzing the information from companies, though that process can take years to complete.

(Updates with Bloomreach comment in seventh paragraph.)

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Leah Nylen in Washington at lnylen2@bloomberg.net

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Sara Forden at sforden@bloomberg.net

Elizabeth Wasserman, Steve Stroth

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